If you enjoyed my Zebra Report last week on targeting a niche market, you are going to love this week’s article on taking the steps to actually hone in on a niche market and determine a marketing plan to get your phone ringing!
If you are thinking that the idea of a niche market could be a good fit for you, we recommend you follow these four steps.
STEP 1: Look at your resources. Your resources are your area in terms of geography and people and your experience. For example, say you live in our area – the Pacific Northwest. Because of geography, you probably aren’t going to want to specialize in desert-style properties. Instead, there are opportunities for waterfront and waterview properties (both fresh water and salt water).
In terms of people, consider the different groups of people in your market that you can specialize in. Everything from highlighting another language that you speak, to targeting farmers, can be a niche that you develop. I have had clients who developed niche markets around the hot rod community, the deaf, military families, or even single story properties that needed updating. The key is to think about what you actually know about and what you enjoy selling.
A few years ago, an agent came to me asking me what I thought about her choice of specializing in an equestrian niche market. I asked a few key questions: “What do you know about barn construction?”, “What do you know about soil requirements?”, “What do you know about the sales history of equestrian properties in this area?” Her answers quickly indicated she was not currently a specialist when it came to equestrian properties. If she really wanted to mark that as her specialty, she was going to have to do her homework and learn the ins and outs of that type of property, before she marked herself as the expert in that area. If you have an interest and drive to specialize in the niche market, but maybe don’t have the knowledge just yet, that can usually be learned.
STEP 2: Consider how you like to generate leads. If you like to generate leads in person, consider how you can get in front of the potential buyers and sellers who are in that niche market. If you like to generate leads by mail and encourage them to call when they are ready, then your niche marketing strategy needs to rely on your being able to generate a mailing list of these potential clients.
For example, let’s say you have decided to target people who like to hike because you yourself are a hiker and love the outdoors. If you like to generate leads in person, think about how you can get in front of other hikers. Perhaps there is a trails volunteer group that you could be a part of or a group that gets together and hikes once a month. If you like to generate leads by mail, then how can you get a mailing list together? A few quick ideas are to contact a Title and Escrow company and see if they can develop a list for you with hiking and outdoors as an indicated interest. You may also want to consider if a hiking group has a monthly newsletter you can advertise in. Get creative!
STEP 3: Determine your budget. Do you have $300 a month to invest in your niche marketing efforts? $500? $2,000? This is very important. If you are planning to do a mailing to a list of 2,500 people, but you only have a budget of $500, there is a serious problem. So instead, in this scenario, if it costs $1.50 to print and mail (and I do recommend mailing once a month!), I would choose to send mailings to the 300 people from that list who lived closest to me. With the remaining $50 I would participate in the activities that would get me face to face with the people in that niche.
STEP 4: Stay consistent! This is where so many agents fall down. After a few points of contact, we lose steam. However, this can be a very powerful, ongoing, lead generation method. In fact, those agents who choose a niche market that matches their own interests find increased satisfaction by working with like-minded people. If you are planning on quick success or feel like you might quit early, then don’t take on a niche market. Plan for long-term cultivation.
There are so many fantastic niche marketing opportunities out there and you might just find a perfect fit for you! Below are some resources to explore niche marketing more. If you are really ready to take your niche marketing plan to the next level but aren’t sure where to start, we are helping agents find their niche marketing fit through our Mastery program. We would love to talk to you about your business needs and help you determine if the Mastery program is right for you. For more information about Mastery please send me an email to: [email protected].
Want to know more about how to start up your own Niche Marketing? Listen to Denise share her niche marketing secrets in these two Club Zebra Calls:
Additionally, I invite you to take a look at the lead generation section of our Club Zebra vault. We have information at both the free level (create a free account here) and at the Club Zebra PRO level.
Want to know more about what Club Zebra PRO can do for you: